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Northeastern Realty can accelerate the process to helping you find a new home in Florida, Massachusetts, Rhode Island, and Georgia. We assist with our clients to get the right home and loan needed for your situation. Our team of real estate agents and loan officers are here for you to get you through this important stage of your life. No matter if you are still searching for a home, or if you have already found the home of your dreams, Northeastern Realty can be an asset to you during the home buying process.
WE HAVE ANSWERS TO YOUR QUESTIONS
The cost of a loan depends on three main factors – the type of loan, the loan amount, and the applicant’s financial history. The most efficient way to determine the cost of a loan is to apply with us. Following due diligence, we will provide you with a written loan estimate.
Northeastern Realty does not service loans. We are a mortgage broker that works with multiple lenders to help clients find the best loan option – saving you time and money.
We have loan products to meet the needs of residential and commercial borrowers. Visit Loan Programs on our site for more information.
In recent years, the expansion of the gig economy has pushed more and more lenders to offer loan programs (often called nonQM loans) for self-employed individuals. Northeastern Realty has strong relationships with lenders who provide NonQM loan programs. Click here to learn more.
You are not required to be a U.S. citizen to obtain a mortgage loan. However, an individual who is not a U.S. resident cannot participate in any conventional, government-backed loan programs. Northeastern Realty has deep expertise in this area and secured real estate financing for many non-U.S. citizens. Contact us for more details.
A pre-qualification is a letter of approval stating you meet basic financial criteria, based most often on the borrower’s word. A pre-approval statement from a lender means the broker has investigated your assets, debt, and credit history to determine whether you can qualify for the loan. A pre-approval is more powerful than a pre-qualification when presented with an offer to purchase a home, especially if there are multiple offers. Click here to learn more.
We are happy to walk you through the steps by phone, or you can visit our pre-approval page for instructions.
Your credit score is an important factor in determining how much you can borrow and the loan’s interest rate. A high credit score (680+) generally gives a borrower the best terms. A lower credit score can present challenges, but Northeastern Realty thrives on creating solutions for all customers.
Yes. Bank statements provide a lender proof of income and expenses. A lender may require up to twelve months of bank statements to approve a loan depending on the borrower’s circumstances.
Most lenders require an appraisal to complete a loan for a purchase or refinance. The purpose of an appraisal is to ensure the lender is not loaning more than the home is worth.
Yes. Escrow is essentially a clearinghouse for the receipt, exchange, and distribution of the items needed to transfer or finance real estate. When the event occurs, or the condition is satisfied, a distribution or transfer takes place. When all of the elements necessary to consummate the real estate transaction have occurred, the escrow is “closed.”
Title insurance – protects you and your lender if someone challenges the title to your property.
We can process everything electronically including the final loan documents.
There is no one answer for this question – it depends on your financial history, type of loan, and loan terms. There are some government-backed programs that require as little as 3% on a residential purchase, but generally, lenders are looking for a 10%-20% downpayment.
A rate lock freezes the loan’s interest rate until the closing as long as there are no changes to the application and the loan closes within the specified time frame. Rate locks are usually offered on a loan for 30, 45, or 60 days. Many borrowers like rate locks because mortgage interest rates can change frequently, and a lock creates certainty. If your rate is not locked, the interest rate and your loan payment can change at any time while the loan is in process. There can be some cons to a rate lock. It may be expensive to extend your rate lock if your transaction needs more time. And, a rate lock may keep you out of lower loan payments if rates fall during processing. Unsure what to do? Contact us to review the pros and cons of rate locks to determine which direction is best for you.
You can typically lock a rate after the initial loan approval.
Your mortgage payment will include the loan payment (loan principal+interest) and mortgage insurance if you put down less than 20%.
Private mortgage insurance (PMI) is required by most lenders on a conventional purchase or refinance loan if the down payment or home equity is less than 20%. PMI is generally removed once your loan payments accumulate to satisfy the 20% requirement. There are loan programs and payment options for some borrowers to avoid PMI. Contact us to learn more.